However, simply slapping the word “cooperative” onto a new “insurer,” but then specifying that the government â€” not the policyholders â€” picks the board of directors (as Sen. Schumer wants), or that taxpayers will subsidize it, or that it has to pay doctors and hospitals at Medicare rates, would just be an exercise in trying to disguise a “public plan.”

This is exactly the same thing as Fannie Mae and Freddie Mac. It is government masquerading as a private entity. What did Fannie and Freddie do? They encouraged irresponsible behavior, and roped people into deals that they ultimately couldn’t pay for.